Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.19.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of reconciliation of the statutory income tax rates and effective tax rate

A reconciliation of the statutory income tax rates and the effective tax rate is as follows:

 

    December 31,     December 31,  
    2018     2017  
             
Statutory U.S. federal rate     21.0 %     21.0 %
State income tax, net of federal benefit     7.0 %     7.0 %
Permanent differences     2.0 %     (1.8 )%
Valuation allowance     (30.0 )%     (26.2 )%
Provision for income taxes     0.0 %     0.0 %
Schedule of deferred tax assets

The tax effects of the temporary differences and carry forwards that give rise to deferred tax assets consist of the following:

 

    December 31,     December 31,  
    2018     2017  
             
Deferred tax assets:                
Net operating loss carry forwards   $ 2,302,880     $ 1,548,763  
Stock based compensation     1,149,301       1,117,072  
Valuation allowance     (3,452,181 )     (2,665,835 )
                 
    $ —     $ —